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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

13. Stock-Based Compensation

 

From time to time, we issue stock options and restricted stock as compensation for services rendered by our directors and employees.

 

Restricted Stock

 

On January 6, 2022 and February 15, 2021, we issued 8,097 shares and 12,207 shares, respectively, of restricted common stock to our directors as part of their annual compensation plan. The grants of restricted common stock were made outside the 2015 Plan and were not subject to vesting. Stock compensation of $57,500 was recorded on this issuance of restricted common stock for the years ended December 31, 2022 and 2021.

 

Stock Options

 

On April 14, 2022, we granted employees stock options to purchase 220,587 shares at an exercise price of $6.08 per share in accordance with the 2015 Plan, with vesting continuing until 2025. The total fair value of $1,152,470 for these stock options is being recognized over the requisite service period. We did not make any stock option grants during 2021.

 

The weighted-average grant date fair value of options granted during the year ended December 31, 2022 was $5.22. The weighted average assumptions that were used in calculating such values during the year ended December 31, 2022, as well as the assumptions that were used in calculating such values, were based on estimates at the grant date in the table as follows:

 

   Grant Date
April 14, 2022		 
Risk-free interest rate   2.82%
Weighted average expected term   6 years 
Expected volatility   116.60%
Expected dividend yield   0.00%

 

A summary of stock option activity during the years ended December 31, 2022 and 2021 is as follows:

 

           Weighted-    
       Weighted-   Average    
   Shares   Average   Remaining   Aggregate 
   Under   Exercise   Contractual   Intrinsic 
   Option   Price   Life   Value 
Outstanding at January 1, 2022   144,860   $5.61    8 years   $19,200 
Granted   220,587    6.08           
Outstanding at December 31, 2022   365,447   $5.89    8 years   $19,200 
                     
Exercisable at December 31, 2022   93,085   $6.44    7 years   $19,200 

 

        Weighted-    
     Weighted-   Average    
  Shares   Average   Remaining   Aggregate 
  Under   Exercise   Contractual   Intrinsic 
  Option   Price   Life   Value 
Outstanding at January 1, 2021   145,360   $5.61    9 years   $19,200 
Forfeited and expired   (500)   6.50           
Outstanding at December 31, 2021   144,860   $5.61    8 years   $19,200 
                     
Exercisable at December 31, 2021   66,060   $7.35    8 years   $19,200 

 

 

During the years ended December 31, 2022 and 2021, stock-based compensation for options was $363,950 and $92,253, respectively.

 

As of December 31, 2022 and 2021, there was $1,019,140 and $230,620, respectively, of total unrecognized compensation costs related to stock options granted under our stock option agreements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of two years. The total fair value of stock options that vested during the years ended December 31, 2022, and 2021 was $91,913.

 

Issues of Stock-Based Compensation

 

The following represent grants of stock options, including the fair value recognized or to be recognized over the requisite service period:

Grant date  Shares granted
(canceled)		   Exercise price   Date fully vested   Fair value 
                 
February 10, 2016   4,200   $48.00    February 10, 2020   $174,748 
December 6, 2016   2,000    38.00    December 6, 2020    63,937 
September 25, 2017   15,000    15.00    September 25, 2019    194,149 
September 25, 2017   10,000    19.00    September 25, 2019    126,862 
January 30, 2019   250    45.00    January 30, 2019    885 
March 11, 2019   (33,200)   -    -    - 
March 11, 2019   33,200    6.50    December 6, 2020    24,898(1)
March 11, 2019   10,100    6.50    March 11, 2023    44,591 
September 2, 2020   99,000    4.00    September 2, 2024    327,181 
April 14, 2022   220,587    6.08    April 14, 2025    1,152,470 

 

  (1) Represents incremental fair value of replacement shares compared to canceled shares.